New tax laws for side hustles

[CapturedDoll]

So many of us are going to be affected by this I figured I had better place it here in TD. Apparently this includes gifts as well?

https://youtu.be/asaJhr77BAM

 

[robmic]

The first thing that came to my mind was, what about if you only deal in cash? How do they trace that?

 

[sceej56]

Every professional I ever sessioned with was purely cash and I am very confident in saying were NOT including it in any tax return.

 

[Sensualswitch10]

Interesting video. So the companies that run sites like venmo and cashapp will be required to generate 1099 tax forms for anyone who receives more than $600 per year in transactions. This appears to be just another way for the government to keep track of income people generate, making it more difficult for tax cheats to game the system. It likely won't affect the income threshold at which people pay federal income taxes. In other words, low income earners will still pay no federal income taxes, high earners will still pay a high tax rate, and everyone else will be somewhere in between.

 

[milagros317]

The first thing that came to my mind was, what about if you only deal in cash? How do they trace that?

Every professional I ever sessioned with was purely cash and I am very confident in saying were NOT including it in any tax return.

Same here. Where in a commercial dungeon, in her apartment, or in my apartment (an outcall), I have always paid in cash. Good old untraceable cash.

 

[Phineas]

The first thing that came to my mind was, what about if you only deal in cash? How do they trace that?

They have ways.

"Hm, Rob over here reported $0 income but Mercedes reported that he bought a Benz in April. Time to dig."

You can't stay completely off the grid. Eventually someone's going to notice.

 

[rdhd]

(think a stereotypical German accent) Zee IRS.... zey haf der vays..... Zey vill get you.

 

[FFT32]

So in this case its a Tickle Tax...